Financial services lobbyists say the pact between Sen. Phil Gramm and Rep. Jim Leach to jointly draft a compromise financial reform bill by Friday is welcome evidence that the legislation has newfound momentum.

The plan, unveiled Thursday at a meeting of the 66-member conference committee, calls for a final day of full-committee debate sometime this week. After that, the two Republican lawmakers and House Commerce Committee Chairman Thomas J. Bliley Jr., R-Va., will meet behind closed doors to put together what Sen. Gramm labeled a "compromise" bill.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.